The Global Milk Substitutes Market size is estimated to reach $36,638 million by 2027. Furthermore, it is poised to grow at a CAGR of 11.2% over the forecast period of 2022-2027. Milk substitutes are foods and drinks that can be used in place of dairy. These plant-based foods and beverages are thought to be a healthier alternative to dairy. Soy milk, rice milk, and almond milk are some of the most popular milk alternatives across the world. Pertaining to the inclusion of a number of critical vitamin D and minerals, dairy replacements are considered healthful. They’re also low in fat and cholesterol, and lactose isn’t present. Milk Alternatives have gained a lot of traction in both the mature and growing markets. This is owing to an increase in the number of persons who are allergic to dairy. One of the major drivers of the milk substitute industry’s growth is a dynamic movement toward a western-oriented diet that has been observed in a number of emerging nations. Milk, cheese, butter, coffee creamers, infant formula, powdered milk, and other animal-derived dairy products are frequently used in a Western-style diet. However, as people become more conscious of animal suffering and the dairy industry’s environmental effect, the consumption and adoption of dairy replacement products have increased. Furthermore, advantages such as lower calorie, fat, and protein levels, as well as the inclusion of plenty of water in dairy alternative products, are driving up demand among consumers worldwide, therefore, stimulating the Global Milk Substitutes industry. Furthermore, rising health consciousness and disposable income have boosted the expansion of the global milk substitutes market. However, the market is hampered by changing raw material prices and high operating costs. On the contrary, the milk alternatives market is anticipated to rise owing to an increase in vegan demand for milk substitutes and the launch of new flavors and varieties of milk alternatives.
Global Milk Substitutes Market Segment Analysis- By Source
The Global Milk Substitutes market based on the source can be further segmented into Soy, Almond, Rice, Coconut, Oats, and Others. For its widespread applicability in the foodservice and retail industries, the almond category held the biggest market share in 2021. Almonds are nutrient-dense food items that are high in magnesium, healthy fats, vitamin E, and dietary fibers. The demand for almond-based foods and beverages has increased dramatically in recent years, owing to the health advantages of preventing cell damage caused by high pressure, as well as aging, inflammation, tumors, and cancer. Furthermore, the favorable effects of almonds in lowering cholesterol and blood pressure will enhance segment growth. The industry statistics are being influenced positively by increased almond output to meet the expanding demand from the processed food and beverage sector. According to research by California Almonds, the almond-based dairy replacement had a total share of 36.5% of new launches in 2019. Low-calorie content and lower cholesterol levels, as well as higher daily, required vitamin D and vitamin E values will move the market forward.
However, the soy sector is anticipated to be the fastest-growing segment with a GAGR of 12.8%. During the projection period, this might be linked to rising demand in nations like India and China for products high in vitamins, zinc, and iron for optimal physical health. Moreover, the rising penetration of high nutrition and cholesterol-free dairy replacement products is predicted to raise the demand for soy in the nations such as the U.S. Furthermore, the high protein content, simple availability, low-fat content, high calcium level, and other nutritional value are all contributing to this increase.
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Global Milk Substitutes Market Segment Analysis – By Distribution Channel
The Global Milk Substitutes market based on the form can be further segmented into Hypermarkets or Supermarkets, Convenience Stores, Specialty Stores, Online Retail and Others. In 2021, the hypermarket or supermarkets category have the most market share. Supermarkets and hypermarkets are big retail shops that typically provide a variety of retail product categories under one roof. In order to be accessible to clients, supermarkets are frequently placed near a residential neighborhood. However, leading to a shortage of property near residential areas, the majority of supermarkets and hypermarket companies are expanding outside of the city. Walmart, Tesco, Aldi, Kroger, Carrefour, Whole Foods Market, and other major retailers have a substantial presence in the distribution of dairy alternatives. Consumers may now buy vitamin and calcium-fortified dairy-free drinks in these stores. Furthermore, shifting consumer tastes for low-calorie and sugar-free products has prompted many businesses to keep a surplus of these items on hand. This assures a steady supply of goods to customers, allowing the company to expand.
However, during the forecast period, 2022-2027, the convenience stores segment of the market is anticipated to account for the fastest CAGR of 12.3%. Owing to their low-volume purchase from manufacturers or suppliers, convenience stores typically offer smaller discounts than hypermarkets, supermarkets, and internet businesses. Furthermore, considering convenience stores primarily focus on everyday commodities, their limited shelf space prevents them from stocking a diverse range of milk substitutes. Consumers choose other distribution channels owing to the low availability of milk substitute brands in convenience shops, which is projected to impede the growth of this category during the projection period. Fresh milk, on the other hand, has more traction at convenience stores since people prefer it for everyday usage.
Global Milk Substitutes Market Segment Analysis- By Geography
The Global Milk Substitutes market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, Asia-Pacific generated the most revenue, accounting for more than 40% of total revenue, and is anticipated to continue to do so throughout the projection period. The Asia-Pacific health and wellness movement has brought the issue of food intolerances and allergies to the forefront of modern consumers’ attention, driving the adoption of milk substitutes. Low-calorie, artificial-ingredient-free, and protein-rich goods are becoming increasingly popular among consumers. This is fuelling the market’s expansion. Vegetable protein or mixed proteins are found in plant-based drinks, which meet the growing need for a healthy lifestyle. Consumers of plant-based protein in Asia-Pacific have adopted a dairy-free diet to improve their health and well-being, as plant-based diets can not only help curb obesity, stroke, and heart disease, prevent a variety of cancers, reduce cholesterol and arthritis pain, but also lower blood sugar, and increase energy and mental clarity.
Global Milk Substitutes Market Drivers
Growing cases of lactose intolerance coupled with an upsurge in environmental awareness are helping to drive market growth.
The global population of lactose-intolerant people is expanding, and the industry is booming as a result. Apart from intolerant persons, the belief that lactose-free products are better for human health is boosting the demand for milk substitutes. According to the National Institutes of Health, around 68% of the global population has hereditary lactose malabsorption. Furthermore, lactose intolerance affects 70% to 100% of East Asian adults, with the majority of cases occurring in adulthood. Furthermore, the manufacturing of some dairy products has significant environmental implications, resulting in adverse outcomes such as soil contamination, air pollution, water infiltration, and considerable biodiversity destruction. This is projected to promote the growth of the milk substitutes market in the near future.
The increasing prevalence of veganism among consumers is driving the market.
Many people believe that a vegan diet is healthful, and many choose to drink dairy replacements like soy milk, almond milk, rice milk, and other plant-based milk instead. The key consumers of dairy replacements who have fuelled the market expansion are vegan diet followers and adopters of a healthy diet. One of the key factors driving demand for milk substitutes throughout the world is a growing awareness among consumers of the benefits of a vegan diet. Many large economies, including the U.S. and the U.K., have witnessed significant growth in the vegan population.
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Global Milk Substitutes Market Challenges
Price fluctuations of raw materials are to limit the market growth.
During the forecast period 2022-2027, the cost of a milk substitute is determined by the availability of raw ingredients, which is why prices fluctuate. Raw material scarcity is a concern for oat milk and numerous other dairy replacements, causing costs to rise. Price fluctuation is one of the most significant impediments to the expansion of milk substitute beverage sales. Natural sources can also be used to provide dairy replacements. Changes in climatic circumstances may result in a lack of raw resources, which can contribute to price volatility. As a result, the market for dairy replacements is stifled.
Global Milk Substitutes Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Global Milk Substitutes Market. The top 10 Global Milk Substitutes Market companies’ are:
In January 2021, Nestle S.A. launched vegan, coconut milk-based, flat white coffee pods in the U.K. to offer consumers superior coffee made using lactose-free milk.
In May 2020, Blue Diamond Growers has expanded its Turlock manufacturing facility along with the construction of a new warehouse facility at Salida.
In November 2020, Sun Opta has invested an amount of USD 26 million in its Minnesota oat processing facility. The investment will help the company to cater to the rising demand for oat milk in the U.S.
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Geographically, Asia-Pacific segment will dominate the market pertaining to the presence of agricultural production base for plant-based sources in the region and the growing penetration of various products globally are all driving regional market revenue growth.
During the forecast period 2022-2027, the rising consumption of dairy alternatives in the food and beverage industry owing to associated health benefits will drive the product demand.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Global Milk Substitutes Market Report.
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B. Soy Protein Market
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